03/26/1945
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The city Commdssion met in special session on the evening ot March 26, 1945,
at 8s00 o'clock p.m., at tho City Hall, wIth the following members present:
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SPECIAL MINUTES, CITY COMMISSION MEErING ./
March 26, 1945
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Mayar-Comndssioner Oeo. R. Seavy
Commissioner Dan L. stout~m1re
Commissioner Jesse o. Smith
Commissioner Sumner R. Lowe
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Absent: Herbert Grice
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This meeting was called in pursuance of the special notice, a copy of wo~h
1s set out belows
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" March 26, 1945
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Mr. F. L. Hendrix
City Manager
Clearwater, Florida
Dear Mr. Hendrix:
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This is to certify that I have deliver~d
the notice embodied below, to the following commissioners: .
Time of Delivery
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Mayor-Geo. R. Seav~:
Commissioner. Jesse G. SmIth:
Commissioner Dan L. Stoutamlre:
Commissioner Sumner R. Lowe:
Comm1ssioner Herbert Grice:
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12:30
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"There will be a Sf\e.ela:l meeting of.
the City Q.ommission, tonight, at 8:00 p.m., at 'the City Hall,'
for the purpose of considering a proposal from Mr. Marshall
Dancy" of Shf..e.~~~ & Company, to reduce interes.t rates on un-
exchanged bonds of our refunding issue." .'
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Re~ ectfully submitted,.
mmr"
Signed s Caru.the rs
Patrolman, Police Cruiser #12X~
The mee'ting was duly called to order by Mayor Seavy, and Mr. Marshall
.Dancy presented to the Board a proposition to retund approximately $1,475,000.00 worth
of the city's serial bonds, and $396,000.00 worth of the city's term bonds that have not
as 1et bee.n exchanged unde.rthe present refunding plan now in progress.
The proposition above-re:ferred to was presented in writing and is set out
below, it appearing that the over-all savings to the city in interest would be sonathing
around tlOO,Ooo.OO.
It was moved by Comm. Smith, seconded by Co~. L.we, and unanimously
carried, that the orrt;tr of Mr. Dancy, who was acting for Shields & Company, be accepted.
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M-ror-Commlss1oner Geo~ge . eavy
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Mayor Sesvy on behslf o~ the Commission explained that ~ginning
this year tax assesslJlemts 'Wo\l'-d be on 8 100% basis, Elm that t!:e Commission VJould
sit BS a Board of Equalization 6t its next meeting April 2, 1945.
There being no further business to come before the Board. the
meeting was adjourned.
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March 26th, 1945.
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City cemm1ssion,
Clearwater, Florida
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Gent1emen:-
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I am writing you with reference to the agreement under which Shields
and Company and associates are handling the refunding of the general obligation bonds
of"".the City of Clearwater. Our arrangements 1n this connection are cov~rod by a written
agre.ement dated November 22, 1943, and this letter, if agreed to bY' the cttY', 1s to be
taken as an ame nom en t -to that agreement. ' ,
There are approximately $1,475,000 'of the City's seria~ bonds and $396,000
term ,bonds that have not yet been exchanged. Under the present plan the new refunding
bonds, to be 'exchanged for the present bonds bear interest a t an a verage rate of slightly
less than 3t%. Due to favorable market conditions, we are in a position to offer the
City a more favorable interest rate on this block of bonds. We therefore suggest re-
vising the interest rates on these bonds as follows: The bonds to bear interest at 5%
for the first two years, and a straight 3% 'thereafter.
This proposed change would effect a substantial saving to the City in
interest. Furthermore, it is additicnally desirable because it will not involve the
payment of the call premium which would be 5% of $1,871,000.
If the City desires to accept the plan above outlined, it vill be necessary
for the City ComDdssion to adopt a fo~al resolution authorizing this change. Furthermore,
it will be necessary to have an amended or additional validation proceeding in order to
validate the bonds at the lower interest rates as aboue outlined. Othorwise there would
be no change in the present refunding arrangements. Any mad all expenses in eonnection ~
with making these changes will of course be borne by Shield & Company in accoI"dan,ce with
the original agreement.
If this letter is agreeable to the City and is aecepted by it, the original
agreement between the City and Shields & Company will remain in full force and efreet
except as changed by the terms and conditions above outlined.
Very truly yours,
SHIEDD & COMPANY
By: Signed: Marsha11 Daney
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SPECIAL MINIITES, CITX COMMIS3ION MEETING
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March 26, 1945
The City Commission met in special session on the evening of March 26, Z945,
at B:OC otcl�ck p��., at the City Hall, with the following members present:
Mayor-Commissioner Geo. R. �eavy
Commiasioner Dan L. Stoutamire
Commiasioner Jesse G. Smith
Commission9r Sumner R, Lowe
Absent: Herbert Grice
This meeting was called in pursuance o£ the special noti�e, a capy of �tijc h
is set out below;
" hiar�h 26, 1945
Mr. F. L. Hendrix
City Manager
Glearwates, Florida '
Dear Mr. Hendrix; •
This is to certify that I have delivered
the notice embodied below, to the following commissionPrs:
Time of Deli�very
Mayor-Geo. R. Seav�yr: 11:23>
Commissianer. Jesse G. Smiihe 11s38
Commissioner Dan L. Stoutamire; 11s32
Commissioner 5umner R. Lowe; 12:30
Commissione� Herbert Grice: 11's30
TMThere will be a s��ia:l meeting of
the City �,ommission, tonight, at 8;00 p.m., at the City Hall,
for the purpose oi' considering a proposal from Mr. Marshall
Dancy, of Shields & Company, to reduce interest rates on un-
eachanged bonds of our refunding issue."
Re� ectfully submitted,
Signeds Caruthers
Patrolmen, Police Cruiser #12X
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The zneeting was dulg ca lled to order by Mayor Seavy, and Mr. Marshall
Dancy nresanted tb the Board a proposition to refund approximately �1,475,000.00 worth
of the ci ty►s serial bonds, and �396,000.00 �aorth of the city�s term bonds th at have not
as yet been exch�.nged under the present ref�.inding plan now in progress.
The proposition above-referred to w as presented in writing and is set ouf,
below, it appearing that the over-sll savings to the city in interest would be sone thirig
around �100,000.0a. �
It was moved by Comm. Smith, secondad b� Comip. Lowe, and u.�animo�usly
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carried, that the offer of Mr. Dancy, who was acting for Shielda & Compang, be accepted.
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Mayor Se�vy on behalf o� the Cammissi�n explained that heginn3ng
this ye�r tax assess�gemts ;tivou�d be an a 10�� basis,, arxl that ti.e C�mm3ssion wauld
ait as a Board of Egualization st its next meeting, r�pril 2, 1945.
There being no furtiier business to come before the Board, the
meating was adjourned.
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March 26th, 1945.
City �Commiss3.on,
Clearwater, Florida
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Gentieznenz-
' 2 am writing you with raference to the agreement under which Shields
;� and Company and associates ara handZiz��^ ths refunding of the general obligation bonds
i of.„the Cits oi' Clearwater. Our arran�;�.c��nts in this connection ere covered by a written
agreement dated November 22 1943, and this letter, if agr�ed to by the City, ie to be
taken as an amenTme`n�� o a agreement. ' `
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' There are approximately �1,475,000"of the Citg►s serial bonds and �396,000
term bonds that 1`isve not yet been exchanged. IInder the present plan the new refundir�g
' bonds'+,ta be`exchanged for the present bonds bear iriterest at an a verage rate of slig��ly
less than 32�. Due to favorable marke� conditions, we are in a position ta o�fer the
Citg a more fav.orable intere-st rate on this bloc'k of bonds. We therefore suggest re-
vising the interest rates on these bonds as follows: The bonda to bear interest at 5,�
gar the Firat two gears, and a straight 3��thereafter.
This proposed change would,e££ect a subatantiaZ saving to the City �n
` inte�est. Furthermore, it is additionally desi rable because it will not involve the
t payment a�f tha call premium which woul� bs S� of �'1,871,000:
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� � If the City desi;res to accept the plan above outli'ned, i£ w;Cll be necessary
t for the City Commission to adopt a fosmal resolution authorizing this ahange. Furthermore,
' it will be necessary to have an amended or additional validation proceed3ng in order to
validate the bcmds ai the lower interest rates as aboi�e outl3ned. Otherwise there would
be no cha'nge in the pr�sent refunding arrangements. Any and all expenses in connection '
with making these changes will of course be bosne by Shield & Company ir accordance wit h
' the original agreement.
Ii' this letter ia agreeable to the City and is accepted by it, tk�e original
agreement between the City and Shield9 & Company will remain in full force and effeet
except es changed b9 the terms and co�ditions above outlined.
Ver� trulg �ours,
. . ' SiiIED� & COMPANY
` By: Signed: Marshall_Dancy_
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